Here are some interesting stats and comments from the recent WinnipegRealtors® forecast meeting. I thought you may be interested in hearing about the summary of 2009 and what is in store for 2010. It appears that 2010 could be a good for both buyers and sellers. Low interest rates are expected to remain with no changes until the 3rd Quarter. Strong demand for housing should generate good interest for seller’s properties.
The following information are excerpts from presentations by the following speakers:
Greg Dandewich, VP & Director Economic Development, Destination Winnipeg Inc.
Jeff Powell, Senior Market Analyst Prairie and Territories, Canada Mortgage and Housing Corporation (CMHC)
Peter Squire, Director of Public Affairs, Winnipeg Realtors®
Winnipeg Economic Performance for 2009
• Real GDP growth of 0.8%(2009)* (above Canada at only -1.9%)
• Personal Disposable Income increase projected at 0.5% (2009)*
• Record real estate dollar volume – $2.46 billion (2009), up 1.8 %
• Housing starts down, after 19 year high
• Employment increased by jobs or 0.3% (2009)
• Manufacturing (MB) shipments and exports -9.9% (Canada -19.9 %)
• Unemployment rate increased to 5.2% for the year (Canada 8.4%)
• Winnipeg still expected to be among the best relative performers in a tough year
(*fourth quarter not included)
Manitoba’s Recent Economic Growth and Positive Investment Outlook
• 2nd highest GDP growth of the provinces in Canada for the 2nd year in a row
• Investment in non-residential construction increased by 4.7% the largest increase in Canada
• In the past five years (prior to 2009) in Manitoba:
Immigration increased by 137%
Exports increased by 23% and imports by 30%
Manufacturing shipments increased by 37%
• Standard Aero $13 m expansion for 15 year West Jet engine contract
• Bristol Aerospace $120 m (long term investment) U.S. Military Joint Strike Fighter
• In Manitoba over $100 m in Institutional Construction projects
• 131 new projects listed in December, the busiest month in 100 year history of WCA
Winnipeg Growth Forecast and 2010 MLS® Outlook
• Manitoba's population grew by nearly 16,000 (net) people during the last 12 months a 38-year high.
• Represents an increase of 1.32 per cent , Canada's growth rate was 1.24 per cent during the same timeframe
• Projected Winnipeg CMA population growth over the next 25 years will be in the order of 230,000 people.
• Much of the growth is attributed to the success of the Provincial Nominee Program
• Consumer optimism is high and Winnipeg / Manitoba is still holding on to housing affordability
• Low interest rates at least until third quarter
• Default position still goes to resale market
• Economy and job market remains positive and construction activity and infrastructure investment brisk
2009 MLS® Forecast Scorecard
2009 Forecast Actual
Home Sales 0 - (-5%) -3%
Home Prices 0 - 2% 5%
Condo Prices 6 - 8% 7%
Ttl MLS® $ Vol 0 - (-3%) 2%
2008 2009
Home Sales 9,475 9,205
Home Prices $206,228 $217,370
Condo Prices $172,649 $185,347
MLS® Dollar Vol $2,423,288,919 $2,467,942,404
2010 MLS® Forecast
2010 Forecast
Home Sales 2 - 4 %
Home Prices 6%
Condo Prices 6 - 8 %
Ttl MLS® $ Vol 8-10%